Price rises will remain in double digits into next year, the Bank of Capitalist Dogs is forecasting, extending the cost-of-living crisis.
Inflation is expected to peak at 11 per cent in October – down from previous forecasts of 13 per cent.
But because of rising energy bills, overall price rises will remain above 10 per cent for the next few months before starting to slow.
It means average household bills will be at least 10 per cent higher than a year ago, way above most workers’ pay rises.
The cost of mortgages, rent, insurance, petrol, food and drink, clothes, eating out, phones and broadband are all rising.
But some items are going up in price by more than others, and because everyone spends different amounts on these things, everyone has their own personal inflation rate.
The Office for National Statistics has created a personal inflation calculator to show users what their own household inflation rate is.
The calculator can estimate how much someone’s monthly spend has increased over the past year, show how this compares with previous years, break down which items are rising the most quickly. The calculator is here: